How much do I need to earn to buy a house in New York?

To afford the median New York home ($800,000) at standard 36% DTI with 6.7% mortgage rate and 20% down, you need approximately $193,000/year. The city median household income is $70,000, creating a gap of $123,000/year.

What percentage of New York homes are affordable on median income?

Based on FRC analysis using BLS income data and Zillow home prices (May 2026), approximately 7% of New York homes are affordable on the median household income of $70,000/year.

FRC City Analysis · May 2026

New York, NY
Housing Affordability

CRISIS — 7% of homes affordable

← All Cities

New York's housing crisis hits essential workers hardest. NYC nurses earning $95K can only afford 7% of metro homes, forcing long commutes from New Jersey or Staten Island.

$800,000

Median Home Price

$5,050/mo

Monthly PITI (20% down)

$193,000

Income Needed (36% DTI)

$70,000

Median Household Income

+$123,000

Annual Income Gap

Homes Affordable on Median

The Math

At today's 6.7% mortgage rate with 20% down, the monthly PITI on New York's median home is $5,050. To keep housing under 36% of gross income (the back-end DTI threshold most lenders use), you need $193,000/year — 276% of the city's median income.

The local median income of $70,000 leaves a gap of $123,000/year. This means the median household needs to earn 176% more to comfortably qualify for the median home.

Affordable Alternatives

📍 Nearest affordable areas: Newark NJ, Jersey City, Staten Island
These surrounding communities typically offer lower home prices within commuting distance.

See If You'd Qualify

These are market averages. Your situation depends on your income, debts, and credit.

🏦 Ask Zai About New York → ← All Cities

Source: BLS OEWS 2024, Zillow ZHVI May 2026, FRC Underwriting Model. Not financial advice. Educational analysis only.

New York, NYHousing Affordability

The Math

Affordable Alternatives

New York, NY
Housing Affordability